June 14, 2023.
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The Central Bank of Nigeria has allowed commercial banks to freely trade foreign exchange at any rate.
The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.
This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.
The initial understanding of this message is that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
However, official confirmation will have to come later in the day when data from the FMDQ is available. Naija247news also understands official confirmation will be issued by the central bank.
This is a developing story, check back later for details…(www.naija247news.com).
